Brilliant idea. Makes sense to me but does it actually︂ work in practice? Doesn’t the IRS limit ownership of LLCs to only US residents and︃ ask for ID?
Easiest way to get a real (not hidden) business PayPal account (?)
- Thread starter OffshoreResearch
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Personally I'll go for the UK LLP which should be easier to manage in terms of setup/possible tax issues.
1. Idk sorry. There are formation companies who︀ do this as
a service and I’m sure you can defund
Trustworthy ones. Also you︁ can set up banks afaik to Only allow certain users. Just Bc you have the︂ LLP docs doesn’t mean the bank will let you withdraw. You have to be added︃
To the account.
2. LLC and LLP are pass through, zero corporate tax. It’s treated︄ as income when you withdraw to wherever you pay taxes.
Worh the LLP you’ll have︅ UK income tax if you generate revenue in the UK technically.
Nope, LLC(USA)and LLP(UK) can be owned by foreign non-residents without an ITIN. You’ll need your︈ passport though.
a service and I’m sure you can defund
Trustworthy ones. Also you︁ can set up banks afaik to Only allow certain users. Just Bc you have the︂ LLP docs doesn’t mean the bank will let you withdraw. You have to be added︃
To the account.
2. LLC and LLP are pass through, zero corporate tax. It’s treated︄ as income when you withdraw to wherever you pay taxes.
Worh the LLP you’ll have︅ UK income tax if you generate revenue in the UK technically.
Nope, LLC(USA)and LLP(UK) can be owned by foreign non-residents without an ITIN. You’ll need your︈ passport though.
That's for sure a great solution, I've just one more concern 🙂
I'm a Paraguayan resident (I'll buy an apartment in the next few weeks so I'll have a proof of address as well as a local gov. id and a tax payer document) but I don't have yet a Paraguayan passport which will be available within 3 years.
If I'll just need a passport to setup the company, how will I proof to the UK government I've my official residency in Paraguay ? I'm afraid that my home country might force me to pay taxes there or the fact to have reported my new residency︀ will be enough to avoid any issues ?
Obviously I'm spending less than 6 months︁ in my home country.
I'm a Paraguayan resident (I'll buy an apartment in the next few weeks so I'll have a proof of address as well as a local gov. id and a tax payer document) but I don't have yet a Paraguayan passport which will be available within 3 years.
If I'll just need a passport to setup the company, how will I proof to the UK government I've my official residency in Paraguay ? I'm afraid that my home country might force me to pay taxes there or the fact to have reported my new residency︀ will be enough to avoid any issues ?
Obviously I'm spending less than 6 months︁ in my home country.
Youre afraid your home country will︂ see the UK LLP income and force you to pay taxes?
What do you do︃ with the rest of your income? This LLP money will be treated afaik just like︄ any other income you receive. I dont think your home govt will be watching it︅ specifically.
If you dont have tax liability from ordinary income in your home country this︆ should be no different regardless.
What do you do︃ with the rest of your income? This LLP money will be treated afaik just like︄ any other income you receive. I dont think your home govt will be watching it︅ specifically.
If you dont have tax liability from ordinary income in your home country this︆ should be no different regardless.
Ok, I got it so I'm now ready to start to work on the whole structure.
Thanks again for helping.
Thanks again for helping.
Hello,
I'm still working with tons of issues actually because I should go in person to Georgia (my chosen jurisdiction) to rent an office and to setup a PayPal account once I'll be able to verify the company address.
Till few weeks ago there was a forced quarantine for anyone entering the country but I should check again to see if something has changed in the meantime so I'll go there immediately to get things done properly once for all.
Georgia is the best option actually also due to difficulties related to travel, complex bureaucracy etc ...
I'm still working with tons of issues actually because I should go in person to Georgia (my chosen jurisdiction) to rent an office and to setup a PayPal account once I'll be able to verify the company address.
Till few weeks ago there was a forced quarantine for anyone entering the country but I should check again to see if something has changed in the meantime so I'll go there immediately to get things done properly once for all.
Georgia is the best option actually also due to difficulties related to travel, complex bureaucracy etc ...
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